EURUSD: NFP of the United States
Updated
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EUR/USD Price Analysis: Consolidates around mid-1.0500s, focus remains on US NFP
🐝 During the Asian session on Friday, the EUR/USD pair is observed to be moving within a narrow trading range. It is consolidating its recent recovery gains made over the past two days after reaching a year-to-date low in the mid-1.0400s earlier this week. Currently, spot prices are trading just below the 1.0550 level, with minimal changes for the day. Traders are eagerly awaiting the release of the highly anticipated US monthly employment details, commonly referred to as the NFP report.
🐝 As we approach this critical data release, the outlook for further tightening of policies continues to support higher yields on US Treasury bonds, which in turn strengthens the US Dollar (USD). Additionally, the overall weaker sentiment in equity markets appears to be bolstering the safe-haven status of the Greenback. These factors, coupled with the belief that the European Central Bank (ECB) may not pursue any further interest rate hikes at this time, are contributing to keeping the EUR/USD pair from gaining momentum.
EUR/USD Price Analysis: Consolidates around mid-1.0500s, focus remains on US NFP
🐝 During the Asian session on Friday, the EUR/USD pair is observed to be moving within a narrow trading range. It is consolidating its recent recovery gains made over the past two days after reaching a year-to-date low in the mid-1.0400s earlier this week. Currently, spot prices are trading just below the 1.0550 level, with minimal changes for the day. Traders are eagerly awaiting the release of the highly anticipated US monthly employment details, commonly referred to as the NFP report.
🐝 As we approach this critical data release, the outlook for further tightening of policies continues to support higher yields on US Treasury bonds, which in turn strengthens the US Dollar (USD). Additionally, the overall weaker sentiment in equity markets appears to be bolstering the safe-haven status of the Greenback. These factors, coupled with the belief that the European Central Bank (ECB) may not pursue any further interest rate hikes at this time, are contributing to keeping the EUR/USD pair from gaining momentum.
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➡Below we review the most prominent of her statements:🟢Interest rates should stay high for longer.
🟢The global economy has shown remarkable resilience.
🟢Fighting inflation remains a top priority.
🟢Strong demand for services and attempts to reduce inflation have raised the possibility that the global economy will avoid a potential recession.
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